Pretoria: BRICS member states, which include Brazil, Russia, India, China and South Africa, have at a conference in South Africa this week recognised the importance of continuing joint efforts aimed at improving competition law and policy enforcement.
“Recognising, as set out in the Ufa Declaration of 9 July 2015, that as BRICS countries are emerging markets and developing economies which face similar challenges, it is important to continue in our joint efforts aimed at improving competition law and policy enforcement in order to achieve growth in our economies and the protection of consumers,” said the countries in a joint statement of the Heads of BRICS Competition Authorities.
The 4th BRICS International Competition Conference took place from 11 to 13 November in Durban, KwaZulu-Natal.
Held under the theme: “Competition and Inclusive Growth”, the conference acknowledged that dialogue among the BRICS countries in the field of competition policy and enforcement, based on mutual respect and trust, is essential.
The countries further recognised that effective competition policy enforcement by the BRICS countries requires, in the context of economic globalisation, strengthening of the cooperation and coordination between the BRICS competition authorities.
The parties also agreed to conclude the Memorandum of Understanding in the field of competition policy in order to strengthen the cooperation and coordination between the BRICS competition authorities.
“[We] agreed to activities under the proposed Memorandum of Understanding to strengthen such cooperation through the sharing of best practices in respect of laws, rules and policies; joint participation in capacity building initiatives such as conferences and seminars; the conduct of joint studies and coordination in enforcement proceedings,” said the countries on Friday.
The BRICS International Competition Conference takes place every two years and is hosted by competition authorities in BRICS countries.
SOURCE: SOUTH AFRICAN OFFICIAL NEWS